Overview
- Canary updated its S-1 by removing the delaying amendment, allowing auto-effectiveness under Section 8(a)’s 20‑day window.
- The statutory timeline points to roughly November 13 for effectiveness, contingent on Nasdaq approving the listing and the SEC not intervening.
- Regulatory timing remains fluid, as new SEC comments could reset the clock and a government reopening could shift the schedule.
- Gemini Trust Company and BitGo Trust Company are named as custodians, with pricing based on a consolidated XRP reference rate.
- The filing strategy mirrors recent Solana, Litecoin, and Hedera spot ETFs that used the same pathway during constrained SEC operations, with SEC Chair Paul Atkins voicing general support for the 20‑day route.